Homework Answers
Capital cost allowance CCA is an annual deduction allowed to be claimed for depreciable assets that is purchases expected to last for several years. Full cost of asset is spread over no. Of years. But for some Purchases full value can be deducted in first year itself instead of spread over many years. Given case comes under this category.
Rate of deduction for manufacturing or processing equipment acquired after 2016 but before 2026 is qualified for 100% deduction in first year.
Maximum amount of CCA deduction for current year is 100% =$ 400,000
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In the current year N purchased equipment to be used in its manufacturing and processing operations...
In the current year N purchased equipment to be used in its manufacturing and processing operations...
In the current year N purchased equipment to be used in its manufacturing and processing operations for $200,000 plus GST. N has been in the manufacturing business for a number of years and has annual sales in excess of 10,000,000. What is the maximum CCA deduction for the current year?
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
In the current year purchased new office equipment costing $25.000. Later in the same year he...
In the current year purchased new office equipment costing $25.000. Later in the same year he sold some office equipment for $35.000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year C purchased new office equipment costing $25,000. Later in the same year...
In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year B purchased new office equipment costing $40,000 and received a trade allowance...
In the current year B purchased new office equipment costing $40,000 and received a trade allowance of $3,000 for her old equipment. The old equipment was acquired 6 years ago for $19,000. B’s class 8 UCC balance the beginning of the current year was $12,000. What is the maximum CCA deduction for class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year B purchased new office equipment costing $30.000 and received a trade allowance...
In the current year B purchased new office equipment costing $30.000 and received a trade allowance of $2,000 for her old equipment. The old equipment was acquired 6 years ago for $18,000. B's Class 8 UCC balance the beginning of the current year was $10,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
On July 1 of the current year F purchased a franchise and commenced operating a new...
On July 1 of the current year F purchased a franchise and commenced operating a new business as a sole proprietor. The franchise cost $100,000 and has a 10-year term. What is the maximum CCA deduction that F can claim in the current year?
Mary purchased a new five-year class asset on March 7, of the current year. The asset...
Mary purchased a new five-year class asset on March 7, of the current year. The asset was listed property (not an automobile). It was used 70% for business and the rest of the time for personal use. The asset cost $20,000. Mary made the § 179 election. The income from the business before the § 179 deduction was $200,000. Determine the total deductions with respect to the asset for 2019. $6,000 $10,000 $14,000 $20,000
In the current year H Ltd., an HST registrant, disposed of a passenger vehicle (cost $36,000;...
In the current year H Ltd., an HST registrant, disposed of a passenger vehicle (cost $36,000; UCC $17,000) for $12,000. At the same time H purchased a new passenger vehicle for $41,000 plus HST. What is the maximum CCA deduction that H can claim in the current year?
On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful...
On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end book values/UCC for 2019 and 2020 using...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
In the current year purchased new office equipment costing $25.000. Later in the same year he sold some office equipment for $35.000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year B purchased new office equipment costing $30.000 and received a trade allowance of $2,000 for her old equipment. The old equipment was acquired 6 years ago for $18,000. B's Class 8 UCC balance the beginning of the current year was $10,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
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